Overview

E-warranty provides consumers with the required information to ensure that administrators, intermediaries and distance sales outlets fully comply with the UK Financial Service Authority's new standards for Conduct of Business.

Whilst enforcement of the Act will not commence until January 2005, the e-warranty Web-capture system already accommodates all the key FSA ICOB consumer information fields, step-by-step guides and auditable checklists, displayed at the relevant points in the sales process, customisable per intermediary.

Any additional information which either administrator or intermediary require can be created through the PolicyBuilder, and placed anywhere in within the web forms, as required.

FSA requirements (for Web-capture system)

·         Fully FSA Compliant Intermediary's Sales Interface for dealerships (Approved or Affiliated).

·         Fully FSA Compliant Distance Sales Centre's Interface for insurance & finance product sales / renewals.

·         Fully FSA Compliant Audit Trail and failsafe, 'change-by-change' policy modification history.

·         Fully secure (128bit encrypted 'https') data transmission over the web.

The e-warranty web-capture admin interface provides editable input fields for all required (and optional) FSA compliance information for consumers which, as of the date of this document, include:

·         ICOB 2.6 – Application to electronic media (of General Rules)

·         ICOB 4.2 – Intermediary Status Disclosure (Key Facts)

·         ICOB 4.3 – Product Suitability Checks

·         ICOB 4.4 – Statement of Demands and Needs

·        ICOB 5.2 – Product Disclosure (where presentation in non-durable form is applicable/opted for)

Additional & intermediary-specific requirements

The compliance information required may vary from intermediary to intermediary depending on their own FSA status, internal legal requirements and customer relations policy.

Accordingly, e-warranty administrators can individualise their FSA compliance and additional customer information fields for each dealership network, dealership location or other type of sales centre.